Mumbai, April 30 – A robust surge is anticipated in India's retail space market, driven by developers and private equity players who are preparing to inject approximately $5 - 10 billion into this sector during the FY09-FY10 period.
In a strategic alliance, the Runwal Group and Singapore’s GIC are set to roll out the ‘Our City Centre’ retail mall, which will span over 1.1 million square feet in Ghatkopar, Mumbai. This ambitious initiative is just the beginning; in the next phase, they plan to develop an additional ‘Our City Centre’ that will cover a staggering 7 million square feet in Hyderabad. Acting as the project advisor for these ventures is the Mumbai-based ICS Group.
Additionally, Sheth Developers is making significant moves with the construction of a shopping centre named ‘Viva City,’ which will encompass 1 million square feet in both Hyderabad and Thane, Mumbai. This company is committing a substantial investment of four hundred crore rupees into this new retail initiative, all while proceeding without alliances with private equity firms.
Moreover, the investment wave has reached smaller cities as well. The Dainik Bhaskar Group, a prominent media entity, is currently developing a 7.5 lakh square feet retail mall in Bhopal. Construction on this project is already in progress, with an expected opening in December 2009. The mall will feature a basement, ground and six upper floors, housing seven anchor stores, 180 retail outlets, a six-screen multiplex, and various food courts. JMC Projects has been enlisted as the civil contractors, while Bentel Associates is serving as the property advisor in these efforts.